MJP –
With its Chapter 11 bankruptcy filing in early August, a US logistics company has recently made an unexpected shutdown.
On August 8, DRF Logistics, an Austin, Texas-based international e-commerce shipping company, presented a Chapter 11 bankruptcy petition to the Southern District of Texas.
This business has been losing money every year since it was acquired by Pitney Bowes in 2017, thus it is considering winding down and liquidating.
Numerous transportation enterprises are also on the verge of insolvency.
The freight forwarder Boateng Logistics went out of business on February 22 after declaring Chapter 7 bankruptcy and preparing to liquidate its assets.
Also on April 30, the 92-year-old trucking company Arnold Transportation Services filed for Chapter 7 liquidation after laying off all its employees and ceasing operations shortly before.
A Houston Chapter 7 bankruptcy was filed by U.S. Logistics Solutions on June 21st by the private equity group Ten Oaks Group.
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Additionally, as reported by TheStreet, the company is ready to liquidate, has laid off staff, and has discontinued operations.
Meanwhile, the Robinson, Illinois-based trucking and logistics firm Midwest Transport has abruptly discontinued operations without formally submitting for bankruptcy.
Contracts with the USPS were communicated to regional managers by the company on September 5th on the closure.
Midwest Delivery has been honored with the Eagle Spirit Award, the highest accolade for mail delivery contractors from the Postal Service, and has around 650 employees, including more than 480 drivers. They operate important terminals in multiple states.
On September 6, the business still hadn’t made any official announcements about its activities.
Some former drivers have voiced their dismay at the sudden termination, particularly in light of recent emails stressing the need to continue to certify their logbooks and improve their on-time performance.
